Among the most active stocks for the year was TCO, the symbol for Bloomfield Hills-based Taubman Centers Inc, which entered 2003 locked in a take-over battle with Simon Property Group. That effort continued until October, when a change in Michigan law effectively ended Simon's chances to acquiring Taubman.
Taubman's stock hit a low of $15.60 in mid-January of 2003 and closed the year at 20.83, off the year's high of $21.34 recorded as Simon withdrew its tender offer. TCO was up 33% for the year.
By comparison, the Dow Jones Real Estate Average was up about 37% for the year and the Dow Jones Industrial Average was up about 24%.
A local REIT that enjoyed a bumper year, as far as stock valuation goes, was Agree Realty Corp. which saw its stock, ADC on the NYSE, jump by a whopping 69% for the year from its January low of $16.76. Agree closed the year at $28.28, just a shade below its high for the year of $28.58, recorded earlier in December.
Also riding high was Ramco-Gershenson Properties Trust. The Southfield-based owner of more than 60 strip malls saw its shares, RPT on the NYSE, climb almost 50% from its January level. RPT traded just above $19 in January and closed the year at 28.40, an all-time high.
Sun Communities, a Southfield REIT that operates manufactured housing communities, saw fluctuations in its price throughout the course of the year, but still managed to post about a 7% gain for the year.
Sun opened the year at $36.75, dropped to a low point of $32.87 in March, then rebounded to hit a 2003 high of $41 in late July. After a smaller dip and peak in the fall, Sun fell back down to the $36.00 range in late October and early November. Since the second week of November, the stock, SUI on the NYSE, has been on a fairly steady incline, closing the year at $39.03.
Malan Realty Investors of Bingham Farms continued its total liquidation plan, begun in 2002, during 2003. The company's stock, MAL on the NYSE, opened the year at about $4.25 and dipped to $3.61 in March. MAL closed Dec. 31 at $4.80, down from the year's high of $5.30 recorded in late November
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